Techtalk - Backdating tax relief

In our latest issue of TechTalk we look at the fast approaching Tax deadline and the potential issues which can arise, along with the Covid Wage Subsidy Scheme 2020/2021.

Extended revenue deadline and opportunities for backdating tax relief

We are fast approaching the Revenue “Pay and File” tax deadline. For those wishing to make a Pension Contribution to help reduce their tax liability in 2020, they must make the Pension Contribution to the Life Office AND elect for tax relief to be backdated to 2020 before 31 Oct 2021. For those customers who are registered to use the Revenue Online Service (ROS), the extended deadline for online tax returns is Wednesday, 17 Nov 2021. 

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Covid Wage Subsidy Schemes 2020/2021 – Payments are pensionable emoluments from employment

The government introduced a wage subsidy scheme on the 24 March 2020. This was originally established as the Temporary Wage Subsidy Scheme (TWSS) and later amended to the Employment Wage Subsidy Scheme (EWSS) from 1 September 2020. Revenue has clarified that both payments are deemed emoluments from employment and while employers were not in a position to deduct employee pension contributions from subsidy payments, the employee may elect to make a ‘special contribution’ before the relevant filing date.

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